AI Policy and R&D Tax Credits: Empowering Businesses

On this episode of Paychex THRIVE, U.S. Senator Todd Young (R-Indiana) joins host Gene Marks to discuss the role of lawmakers in fostering AI innovation, its security, and risk mitigation. Senator Young dives into the bipartisan AI policy work he’s currently conducting in the Senate; sharing how this collaborative approach and thoughtful legislation can support the evolution of AI technologies. He also highlights financial mechanisms policymakers are using to stimulate innovation, specifically touching on the R&D tax credit and the impending reforms that are designed to help American business owners develop a thriving future economy.

 

Topics include:

00:00: Episode preview and welcome

01:23: Introduction Senator Todd Young (R-Indiana)

02:22: Role of legislation in AI

04:13: Steps towards AI legislation

06:02: Discussion about qualification to regulate technology

09:32: Introduction to the Future of AI Innovation Act

12:16: Implications of AI on learning

14:14: Explanation of the R&D tax credit and its impact

16:13: Proposed reforms to the R&D tax credit

20:07: Comparison of U.S. R&D tax provisions to other different countries

21:29: Importance of the R&D tax credit to non-tech sectors

24:29: Upcoming tax and election year issues

27:02: Paying for expanding tax provisions

30:08: Bipartisan tax agreement possibilities

32:15: Wrap up and thank you

 

DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.